$1.3 Million Bitcoin Scam Swindles Victims in Thailand. Are Tougher Crypto Regulations Necessary?

alarm ICO crypto bitcoinA virtual bitcoin mining farm in Thailand has allegedly scammed users out of 42 million baht (approximately $ 1.35 million), according to a report in the Bangkok Post.  30 victims have filed a complaint against the company, CryptoMining.Farm. Although police believe the scam may have hit up to 140 individuals. It comes just months after a group of Thai siblings was accused of defrauding an investor of $ 24 million in bitcoin. Although Thailand is a booming market for cryptocurrencies, is it time for tougher regulations to crack down on scams and frauds? Victims report alleged blockchain mining scam https://t.co/W0dgXJ54j3 — Bangkok

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News – CCN

Have the regulatory floodgates really just been opened? Wyoming just introduced a bill allowing banks to officially store and handle cryptocurrency UNDER SEC REGULATIONS. Those Banks can act ALL ACROSS THE UNITED STATES.

Being a regular cryptopanic reader I am used to shady, clickbaity or wannabe price-tweaking posts.

When I read "Wyoming drops biggest crypto regulation news ever." as headline I was like: yeah, sure. M00N S00N.

But as it was tagged Cardano, which I like a lot, and Cardano moved to this very Wyoming recently, I figured: why not treat yourself to some decent trash read.

And seriously, having been in crypto for some years, I was thinking: is this it? Is this really it? Can't be.

Long story short: I think it is, actually. It's just hidden in the worst headline in a repost (and overlongest twitter-monologue in original).

My sum up would be:

bill legitimates banks as official crypto storage and handlers. One twist of the wording of the bill is that it also gives crypto the same currency "rights" as fiat currencies in Wyoming. Other twist is that, the way it is put, it allows for the facilities, as they are defined as banks, to act all through United States, not only in Wyoming. It even fixes the lien issue.

Please read for yourself and tell me if I get this wrong. English is not my first language, neither is law my field of expertise.

Twitter-tirade by Caitlin Long (no joke) explaining the whole thing in (very much) detail (30+ consequent Tweets):

https://twitter.com/CaitlinLong_/status/1086367321738731520

News article – more brief than the Twitter-thing – but less detailed on the wider implications:

https://www.forbes.com/sites/darrynpollock/2019/01/18/wyoming-introduces-bill-offering-cryptocurrencies-legal-clarity-to-attract-blockchain-business/?ss=crypto-blockchain&utm_source=TWITTER&utm_medium=social&utm_content=2087367833&utm_campaign=sprinklrForbesCrypto#67492e6246d5

Let me know what you think.

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